One Liberty Properties Announces Results of Operations for the Quarter and Year Ended December 31, 2002; One Liberty Announces New Credit Line.

Business Editors

GREAT NECK, N.Y.--(BUSINESS WIRE)--March 24, 2003

One Liberty Properties, Inc. (ASE: OLP; OLP Pr) today announced that for the fiscal year ended December 31, 2002, it had revenues of $15,705,000, net income of $5,880,000 and net income applicable to common stockholders of $4,843,000, or $1.04 per common share on a diluted basis.

Net income gives effect to the Company's equity in earnings of unconsolidated joint ventures of $1,078,000 and a net loss of $11,000 on the sale of real estate and available for sale securities. For the year ended December 31, 2001 One Liberty reported revenues of $15,237,000, net income of $4,866,000 and net income applicable to common stockholders of $3,829,000, or $1.26 per share on a diluted basis. Net income for 2001 includes the Company's equity in earnings of unconsolidated joint ventures of $83,000 and a net gain on the sale of real estate and available for sale securities of $112,000. The weighted average number of common shares outstanding on a diluted basis was 4,644,000 and 3,036,000 for the years ended December 31, 2002 and 2001, respectively.

For the quarter ended December 31, 2002 One Liberty reported revenues of $4,308,000, net income of $1,828,000 and net income applicable to common stockholders of $1,569,000, or $.28 per common share on a diluted basis. Net income for the quarter ended December 31, 2002 gives effect to Company's equity in earnings of unconsolidated joint ventures of $319,000. This compares with revenues of $3,773,000, net income of $1,214,000 and net income applicable to common stockholders of $955,000, or $.31 per common share on a diluted basis for the quarter ended December 31, 2001. Revenues for the quarter ended December 31, 2001 gives effect to equity in earnings of unconsolidated joint ventures of $83,000. The weighted average number of common shares outstanding on a diluted basis was 5,644,000 and 3,058,000 for the three months ended December 31, 2002 and 2001, respectively.

One Liberty also reported that funds from operations applicable to common stockholders for the year ended December 31, 2002 was $7,757,000, or $1.67 per common share on a diluted basis, as compared to $6,303,000, or $2.08 per common share on a diluted basis for the year ended December 31, 2001. Funds from operations applicable to common stockholders for the three months ended December 31, 2002 was $2,399,000, or $.43 per common share on a diluted basis, as compared to $1,615,000, or $.53 per common share on a diluted basis, for the three months ended December 31, 2001. Funds from operations, calculated in accordance with the NAREIT definition, adds back to net income depreciation of properties and One Liberty's share of depreciation in unconsolidated joint ventures and deducts gains on sale of real estate and cash distributions to preferred stockholders.

Commenting on the results of operations and the funds from operations, Jeffrey Fishman, President and Chief Executive Officer of One Liberty noted that in 2002 the Company invested $20 million in its movie theater joint ventures, net of distributions, and invested an additional $2.4 million in a joint venture which owns a free-standing commercial property. In addition, in February 2002, the Company contributed its leasehold position in an industrial building to a joint venture organized with the owners of the fee estate of this property. The Company acquired three properties between September 2002 and December 2002 for a total consideration of $25,880,000 and sold three properties in 2002 for a total sales price of $580,000. Mr. Fishman stated that the contribution of its leasehold position in an industrial building to a joint venture, coupled with an increased investment in joint ventures in 2002 were the basic reasons for a modest decrease in the Company's rental income for the year ended December 31, 2002 as compared to the year ended December 31, 2001. This decrease in rental income was more than offset by the Company's equity in earnings of unconsolidated joint ventures which increased from $83,000 in 2001 to $1,078,000 in 2002.

Commenting further, Mr. Fishman noted that in 2002 the Company's movie theater joint ventures owned one movie theater for the entire year, with eight additional theaters being acquired at various times between April 2002 and December 2002. The other joint ventures the Company participates in were organized in February 2002 and December 2002. He also noted that the three properties acquired by the Company in 2002 were acquired at the end of the third quarter and during the fourth quarter of 2002. Accordingly, full benefit of the ownership of ten of the eleven properties owned by the joint ventures and the three properties acquired by the Company in 2002 will be realized by the Company in 2003.

On the expense side, expenses increased by $326,000 year over year and by $128,000 quarter versus quarter as a result of the ownership of additional properties and the increased level in the Company's business activities. Mr. Fishman noted that year over year there was a $539,000 increase in general and administrative expenses primarily due to a $368,000 increase in payroll and payroll related expenses related primarily to property acquisition activities. The balance of the increase in general and administrative expenses was due to an increase in a number of items including directors' fees, public company expense, professional fees and travel. Included in the 2002 expense increase is $125,000 incurred in connection with the Company's public offering completed in May 2002. Partially offsetting the increase in general and administrative expenses and public offering expenses was a decrease in leasehold rent expense related to a leasehold interest position that the Company contributed to a joint venture in February 2002 and a net decrease in interest expense.

On March 21, 2003 the Company replaced its $15 million credit line with a new two year $30 million revolving credit line. The new credit line, with Valley National Bank, Merchants Bank Division and Bank Leumi, bears interest at the banks prime rate, provides for an unused facility fee of 1/4 of 1% per annum and matures on March 21, 2005. The Company took down $10 million on the new facility to repay the same amount outstanding under the old facility.

One Liberty Properties is a real estate investment trust and invests primarily in improved commercial real estate under long term net lease.

Certain information contained herein is forward looking. Information regarding certain important factors that could cause actual outcomes or other events to differ materially from any such forward looking statements appear in the Company's Form 10-K for the year ended December 31, 2002.

            ONE LIBERTY PROPERTIES, INC. (ASE: OLP; OLP Pr)
             (Amounts in Thousands, Except Per Share Data)

                                  Three Months           Year
                                     Ended              Ended
                                  December 31,       December 31,
                                 2002     2001      2002     2001
                               ------- --------  -------- --------

Revenues                       $4,308   $3,773   $15,705  $15,237

Expenses                        2,770    2,642    10,892   10,566
                               ------- --------  -------- --------

Earnings before equity in
 earnings of unconsolidated
 joint ventures and
 gain on sale                   1,538    1,131     4,813    4,671

Equity in earnings of
 unconsolidated joint ventures    319       83     1,078       83

Net (loss) gain on sale of
 real estate and
 available-for-sale
 securities, net                  (29)       -       (11)     112
                               ------- --------  -------- --------

Net income                     $1,828   $1,214    $5,880   $4,866
                               ======= ========  ======== ========

Calculation of net income
 applicable to common
 stockholders:
     Net income                $1,828   $1,214    $5,880   $4,866
     Less: distributions on
      preferred stock             259      259     1,037    1,037
                               ------- --------  -------- --------

     Net income applicable to
      common stockholders      $1,569     $955    $4,843   $3,829
                               ======= ========  ======== ========

Net income per common share:
         Basic                   $.28     $.32     $1.05    $1.27
                               ======= ========  ======== ========
         Diluted                 $.28     $.31     $1.04    $1.26
                               ======= ========  ======== ========

Funds from operations
 applicable to common
 stockholders *                $2,399   $1,615    $7,757   $6,303
                               ======= ========  ======== ========

Funds from operations per
 common share:
         Diluted                 $.43     $.53     $1.67    $2.08
                               ======= ========  ======== ========

Weighted average number of
 common shares outstanding
 (Note A):
         Basic                  5,622    3,030     4,614    3,019
                               ======= ========  ======== ========
         Diluted                5,644    3,058     4,644    3,036
                               ======= ========  ======== ========

  (Note A): The weighted average number of common shares
            outstanding for the three months and year ended December
            31, 2002 give effect to the sale by the Company of
            2,500,000 common shares in a public offering.





*  Funds from operations applicable to common  stockholders is
summarized in the following table:

Net income                            $1,828  $1,214   $5,880  $4,866
Add: depreciation of properties          691     644    2,617   2,584
Add: our share of depreciation in
 unconsolidated joint ventures           110      16      268      16
Deduct: loss (gain) on sale of real
 estate                                   29       -       29    (126)
Deduct: preferred distributions         (259)   (259)  (1,037) (1,037)
                                      ------- -------  ------- -------

Funds from operations applicable to
 common stockholders                  $2,399  $1,615   $7,757  $6,303
                                      ======= =======  ======= =======


If One Liberty had adjusted the calculation of funds from operations
for the effects of the straightline rent adjustment:

Funds from operations applicable to
 common stockholders                  $2,399  $1,615   $7,757  $6,303
Deduct: straight line rent income       (254)   (203)    (764)   (827)
Deduct: our share of straight line
 rent in unconsol. jt. ventures          (70)     (4)    (136)     (4)
                                      ------- -------  ------- -------
Funds from operations applicable
 to common stockholders,
 as adjusted                          $2,075  $1,408   $6,857  $5,472
                                      ======= =======  ======= =======
Funds from operations per common
 share, as adjusted                     $.37    $.46    $1.48   $1.80
                                      ======= =======  ======= =======